We recently reported on this year’s summer vacation habits here. Summer trips for Americans are up by 13% from last year; that’s 198 million Americans hitting the roads, skies or rails this summer. A new survey from Allianz Global Assistance gives us more insight on the travel habits and interesting preferences of millennials.
Millennials between 18 and 34 are more trusting of Home Away, Airbnb, Uber, and Lyft to book travel experiences. A majority (60%) of millennials trust this “sharing economy,” compared to other travelers at 37%. With these services still relatively new, Joe Mason, Chief Marketing Officer at Allianz Global Assistance USA, makes the point that it’s especially important to protect yourself with travel insurance.
“The right policy will protect a consumer’s investment regardless of whether it’s made with the new sharing economy or with more established methods,” says Mason.
The survey also indicates that travelers are really seeking value this summer. Americans will spend less on their vacation ($85.5 billion) in 2015, which is down 13.5% from 2014 ($98.8 billion). The decline is seen most in millennials, interestingly the most confident of any age group in taking a summer vacation (50.5%). So millennials feel most confident about their impulse toward travel, but remain conscious of their spending.
It’s good to see at least millennials see the value in taking a break from their careers this summer to disconnect and relax or explore, regardless of how much they can afford to spend.
Now, if only those other generations would treat themselves to the same well-deserved time off!
The Vacation Confidence Index has been conducted by national polling firm Ipsos Public Affairs on behalf of Allianz Global Assistance USA. A vacation is defined as a trip of at least a week to a spot that is more than 100 miles from home. Disclaimer: JohnnyJet.com has a working relationship Alliance Global Assistance. However, the opinions expressed in this post are mine based on the findings of the Vacation Confidence Index.
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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.